Work in Microsoft Excel

Case 3b (15%) The following information is related to ABC Co.: 1. Accounts receivable of 60,000 (gross) are factored with BFO Credit without guarantee at a financing charge of 9%. Cash is received for the proceeds; collections are handled by the finance company. 2. Specific accounts receivable of 45,000 (gross) are pledged to ADORO Credit, as security for a loan of 30,000 at a finance charge of 6% of the amount of the loan. The finance company will make the collections. Required: Prepare all necessary entries in general journal form for ABC Co